Nestled in the heart of downtown Annapolis in the highly sought-after neighborhood of Murray Hill, this charming Colonial, originally built in 1925 and extensively remodeled in 2016, offers the perfect blend of historic character with modern updates, and an unmatched in-town waterfront lifestyle. Just one block from Spa Creek and Acton's Landing Waterfront Park & seasonal water taxi service, as well as a short stroll to Annapolis' renowned restaurants, shops, and cultural attractions. A picturesque front porch welcomes you and your guests and provides the perfect perch for morning coffee, evening cocktails, or simply watching the neighbors stroll by. Enter into a lovely living room with gleaming hardwoods anchored with a gorgeous gas fireplace. The open floor plan provides easy flow into the gorgeous chef's kitchen featuring a huge granite island, GE Café stainless steel appliances, a charming butler's pantry, and a half bath. Enjoy a private enclosed patio with ample space for a dining table, grill, and comfortable seating area—ideal for dining al fresco and entertaining guests. The second floor offers two bedrooms, a full bath, and a spacious landing perfectly suited for a home office, reading nook, or flex space. The third-floor primary suite serves as a private retreat with large windows, abundant natural light, and a Juliet balcony overlooking the neighborhood. A brand-new ductless mini-split system is being installed to serve the third-floor suite. Additional updates include a new furnace in 2023. Heating is provided by a combination of oil heat and heat pump, while natural gas serves the fireplace and hot water heater. The large unfinished basement provides laundry, mechanicals, and exceptional storage space. Additional conveyances include an interior fire sprinkler system, exterior irrigation system, two wine coolers, and five wall-mounted smart TVs. This home offers a rare opportunity to own a beautifully updated historic home in one of the city's most beloved neighborhoods, just a stone's throw to a wonderful waterfront park, as well as Annapolis' best restaurants & shops - downtown living at its finest!
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
